Finance

ETFs see historic July according to State Street

Published

10 months ago

August 3, 2024

Business Finance News

It’s a July for the record books.

State Street Global Advisors finds inflows into exchange-traded funds hit $127 billion. Not only was it the best July ever, but the firm’s head of SPDR Americas research notes it is also the second-largest monthly inflow ever.

“Part of it is just the market,” Matt Bartolini told CNBC’s “ETF Edge” on Thursday. “We see investors deploy cash from the sidelines. A lot of cash was built up over the years. We started to see investors really make a concerted effort to continue to buy into this rally. We also saw sort of broadening in the market depth in terms of rotation take place.”

Bartolini also points to a narrowing spread between growth and value-oriented ETFs.

“It’s not so heliocentric towards tech,” he said.

First trillion-dollar year for ETF industry?

BTIG’s Troy Donohue thinks ETFs are pacing for a major milestone by the end of the year, as long as the macro factors of the election season don’t make investors too hesitant.

“It’s been a great start to the year,” said Donohue, BTIG’s head of Americas portfolio trading. “[It] could be the first trillion-dollar year that the ETF industry has.”

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Finance

Stocks making the biggest moves midday: WBD, MODG, SATS, AAPL

Published

2 hours ago

June 9, 2025

Business Finance News

Finance

Walmart taps own fintech firm for credit cards after Capital One exit

Published

3 hours ago

June 9, 2025

Business Finance News

A Capital One Walmart credit card sign is seen at a store in Mountain View, California, United States on Tuesday, November 19, 2019.

Yichuan Cao | Nurphoto | Getty Images

Walmart‘s majority-owned fintech startup OnePay said Monday it was launching a pair of new credit cards for customers of the world’s biggest retailer.

OnePay is partnering with Synchrony, a major behind-the-scenes player in retail cards, which will issue the cards and handle underwriting decisions starting in the fall, the companies said.

OnePay, which was created by Walmart in 2021 with venture firm Ribbit Capital, will handle the customer experience for the card program through its mobile app.

Walmart had leaned on Capital One as the exclusive provider of its credit cards since 2018, but sued the bank in 2023 so that it could exit the relationship years ahead of schedule. At the time, Capital One accused Walmart of seeking to end its partnership so that it could move transactions to OnePay.

The Walmart card program had 10 million customers and roughly $8.5 billion in loans outstanding last year, when the partnership with Capital One ended, according to Fitch Ratings.

For Walmart and its fintech firm, the arrangement shows that, in seeking to quickly scale up in financial services, OnePay is opting to partner with established players rather than going it alone.

In March, OnePay announced that it was tapping Swedish fintech firm Klarna to handle buy now, pay later loans at the retailer, even after testing its own installment loan program.

One-stop shop

In its quest to become a one-stop shop for Americans underserved by traditional banks, OnePay has methodically built out its offerings, which now include debit cards, high-yield savings accounts and a digital wallet with peer-to-peer payments.

OnePay is rolling out two options: a general-purpose credit card that can be used anywhere Mastercard is accepted and a store card that will only allow Walmart purchases.

Customers whose credit profiles don’t allow them to qualify for the general-purpose card will be offered the store card, according to a person with knowledge of the program.

OnePay didn’t yet disclose the rewards expected with the cards, though the general-purpose card is expected to provide a stronger value, said this person, who declined to be identified speaking ahead of the product’s release. The Synchrony partnership was reported earlier by Bloomberg.

“Our goal with this credit card program is to deliver an experience for consumers that’s transparent, rewarding, and easy to use,” OnePay CEO Omer Ismail said in the Monday release.

“We’re excited to be partnering with Synchrony to launch a program at Walmart that checks each of those boxes and will help serve millions of people,” Ismail said.